Federal Bank has posted a net profit of Rs 203.89 crore for the third quarter (Q3) ending December 31, 2009, as against Rs 102.92 crore during the corresponding period of the last year (December 2007).

The Kerala-based bank said that a sharp increase in other income and lower interest income helped it to post nearly two-fold increase in its net profit.

The bank said, “The figures for the corresponding previous periods are not reclassified and therefore not comparable.”

Telecom infrastructure company, GTL infrastructure posted a net loss of Rs 1.4 crore in third quarter ended December 31, 08, which is less than total losses suffered by the company in the same period last year. The company had posted a net loss of Rs 16 crore in the third quarter last year.

Tax provisions and tight financial conditions impacted its business leading to decline in net profit. However, the company expressed satisfaction over its performance and said that it would chalk out new business strategy to improve its working efficiency.

IT solutions provider NIIT Technologies posted 51.58 per cent decline in net profit for third quarter ended December 31. Its net profit currently stands at Rs 16.8 crore as compared to Rs 34.7 crore for the same quarter last year.

Tight financial conditions and Forex losses due to fluctuations in Dollar and Pound prices impacted its business leading to decline in net profit during the reporting period. The Joint Managing Director and CEO of NIIT Technologies, Arvind Thakur said, "With major economies moving into recession, our immediate focus has been securing future business with our top clients."

New Delhi, Jan. 15 : A member of the Board of Directors of Satyam Computer Services today said that the board of the Hyderabad-based firm would meet on January 17 to take stock of the situation arising out of Rs. 7000 crore scam perpetrated by the previous board.

Board member Deepak Parekh told reporters here after a meeting with Corporate Affairs Minister Prem Chand Gupta that at present the company had receivables of Rs. 1, 700 crore.

Indusind Bank has announced a phenomenal growth in its standalone net profit for the three month period ended December 31, 2008.

During the third quarter, the bank has recorded growth of 79.95% in its net profit to Rs 450.60 million, as compared to Rs 250.40 million during the corresponding period of the previous year (Dec 2007).

The bank’s interest income grew 25.10% to Rs 6,274.80 million, whereas total income for the same period zoomed 34.34% to Rs 7,605.50 million, when compared with the prior year period.

NIIT Technologies has announced the results for the three month period ended December 31, 2008.

During its third quarter, the IT services firm has posted a fall of 52% in its consolidated net profit, which stood at Rs 168 million as against Rs 347 million during the corresponding period of the last year.

The company said the decline in net profit was mainly because of currency fluctuations, the dollar’s appreciation against the Indian currency and the weakening of the pound, which shaved Rs 32.8 crore off its net profit.